High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Goldman Sachs: Three reasons to buy gold
gold dailyGoldman Sachs maintains a bullish outlook on gold, targeting $2,700 per ounce for early 2025. The firm recommends going long on gold due to increasing central bank purchases, anticipated Fed rate cuts, and gold's role as a hedge against geopolitical...
The Bank of Canada has an opportunity to surprise
The Bank of Canada under Governor Tiff Macklem hasn't been afraid to surprise markets and his latest opportunity comes today at 9:45 am ET.The Canadian housing market is hitting tough times and consumer spending is slowing, that means that the 4.50% overnight rate is...
ForexLive European FX news wrap: FX mostly little changed, stocks hold lower; BOC up next
Headlines:Markets:JPY leads, USD and CAD lag on the dayEuropean equities lower; S&P 500 futures down 0.4%US 10-year yields down 3.8 bps to 3.806%Gold down 0.2% to $2,489.13WTI crude up 1.0% to $70.86Bitcoin down 2.9% to $56,510It was a bit of a draggy session for...
US MBA mortgage applications w.e. 30 August +1.6% vs +0.5% prior
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Oil jumps amid report that OPEC+ is discussing a delay to planned output hike in October
WTI crude oil 15-minute chartReuters is out with the headline, citing three OPEC+ sources in saying that the bloc is discussing a delay to its planned output hike in October. It looks like they are finally not being stubborn about it but it took oil prices falling to...
A Harris win will provide a stronger boost to the US economy – Goldman Sachs
That opposed to a Trump victory of course, according to Goldman Sachs. The firm argues that economic output will take a hit next year under the Trump banner. And that is mostly from increased tariffs on imports and tighter immigration policies. Adding that jobs growth...
NZDUSD Technical Analysis – We are testing a key trendline
Fundamental OverviewYesterday, we got the US ISM Manufacturing PMI and even though the headline number missed expectations, under the hood the report was better than the prior month. The bad news was new orders falling further into contraction, which is a proxy for...
UBS warns that oil prices are likely to stay volatile in the short-term
UBS argues that the oil market is undersupplied despite weak Chinese oil demand, with demand elsewhere making up for it. They also add that supply growth did disappoint in some non-OPEC+ states, contributing to the situation.As such, they are retaining a positive...
Gold Technical Analysis – We are testing the bottom of the range
Fundamental OverviewYesterday, we got the US ISM Manufacturing PMI and even though the headline number missed expectations, under the hood the report was better than the prior month. The bad news was new orders falling further into contraction, which is a proxy for...
Eurozone July PPI +0.8% vs +0.3% m/m expected
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
German trade lobby sounds warning as recession clouds circle
The BGA trade lobby group warned that German exporters in particular are facing up against a recession in foreign trade, no thanks to the government. They said that the direction in which Berlin has leaned towards in recent years are not helping. 70% of businesses...
UK August final services PMI 53.7 vs 53.3 prelim
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Eurozone August final services PMI 52.9 vs 53.3 prelim
Prior 51.9Composite PMI 51.0 vs 51.2 prelimPrior 50.2A slight revision lower but the readings are still better than July. It mostly owes to a jump in French business activity though, which is arguably a one-off thanks to the Paris Olympics. One major detail to be...
Germany August final services PMI 51.2 vs 51.4 prelim
Final Services PMI 51.2 vs. 51.4 expected and 52.5 prior.Final Composite PMI 48.4 vs. 48.5 expected and 49.1 prior.Key findings:HCOB Germany Services PMI Business Activity Index at 51.2 (Jul: 52.5). 5-month low. HCOB Germany Composite PMI Output Index at 48.4 (Jul:...
Who is the market’s next unicorn?
For investors, the ultimate dream is to discover a unicorn company before it takes off and generates huge profits. History is full of such success stories, most recently in the technology sector.Recent examples in the semiconductor sector include Nvidia, AMD, ASML,...
France August final services PMI 55.0 vs 55.0 prelim
Prior 50.1Composite PMI 53.1 vs 52.7 prelimPrior 49.1The boost in August is likely a one-off, owing much to increased demand from the Paris Olympics. This is evident as the upturn in terms of new business was relatively weak, coming in below the survey average. While...
German economy expected to contract this year, says Kiel Institute
They had previously penciled in a 0.2% growth forecast for the German economy this year. Meanwhile, they also revised lower their projection for the economy next year. That is now see at a growth of 0.5%, down from 1.1% in their previous forecast.Again, with all these...
Italy August services PMI 51.4 vs 52.6 expected
Services PMI 51.4 vs. 52.6 expected and 51.7 prior.Composite PMI 50.8 vs. 50.3 prior.Key findings:Fresh decreases in both total and international sales. Softest rise in business activity seen since January. Optimism in the outlook dips to ten-month...
Spain August services PMI 54.6 vs 54.5 expected
Services PMI 54.6 vs. 54.5 expected and 53.9 prior.Composite PMI 53.5 vs. 53.4 prior.Key findings:Uplift in growth despite weaker rise in new work. Slowest cost inflation since March 2021. Sentiment down to eight-month low.Comment:Commenting on the PMI data, Jonas...